Accounting Question of the Day

The US GAAP uses a principles based approach while the IFRS employs a rules based approach.

The US GAAP uses a two-step impairment approach while the IFRS uses a one-step approach.

The US GAAP has no requirement regarding comparative information while the IFRS does.

The IFRS permits the reevaluation of intangible assets other than goodwill while the US GAAP does not.